19th May 2014 12:28
LONDON (Alliance News) - Exova Group PLC Monday said revenues in the first four months of its financial year rose 6.3% on a constant currency basis to GBP91.5 million, driven by growth through acquisitions and on an organic basis, and said it is confident in its outlook for the full year.
Exova is a provider of testing, calibration and advisory services. It said it remains confident of its prospects for the remainder of 2014, and said its expectations for the full year, on a constant currency basis, remain unchanged, underpinned by a solid trading performance across most market in the first half of the year.
"We are continuing to invest in our laboratories and to extend the range and global reach of our services through selective acquisitions," said Chief Executive Ian El-Mokadem in a statement.
The company, which only listed on London's main market last month, currently operates from 117 laboratories in 22 countries throughout Europe, the Americas, the Middle East, Asia and Asia Pacific.
It used the net proceeds from its flotation to reduce its debt load.
Exova said that while revenues rose 6.3% on a constant currency basis, driven mainly by acquisitions, reported revenues for the period saw a slight dip of 0.2%.
In Europe, Exova said that growth was driven by a strong performance in the product cluster, while demand for more technically demanding services to the oil and gas industry, was offset by client delays affecting its aerospace business.
Exova said that in the Americas, underlying growth was solid reflecting a steady performance in oil and gas, and industrials and health sciences, although there was some weakness in certain areas of the aerospace business, it said. The company said sales were also hit by the harsh winter weather in Canada and some parts of the US, and some isolated customer delays.
In the Rest of World region, Exova said the trading performance was encouraging reflecting operational improvements and early signs of an expected macro-economic improvement in certain areas of the Middle East.
The group said it will releases its half-year results ending June 30, on August 29.
Exova shares were trading 0.9% higher at 228.00 pence Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
EXO.L